Winchart Technical Analysis
Daily Market analysis
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As circled at A, the KLCI closed mixed on Friday, after breaking marginally above the 1333 resistance level. Mean while, as indicated by A1, the 14, 21, 31 EMA are rising and continue serving as the dynamic support to the KLCI. Therefore, as long as the KLCI should remains supported by the rising dynamic support, the outlook for the KLCI shall remains bullish biased.
As indicated by B, total market volume increased 3.3% on Friday, while staying above the 40-day VMA level. If the volume should remain above the 40-day VMA level, the market sentiment is likely to improve. Therefore, volume above the 40-day VMA level is the crucial ingredient.
As circled at C, the Stochastic remains above the 70% level, which is the short term bullish region. Therefore, as long as the Stochastic can remains above the 70% level, the short term market movement for the 2nd board index is still bullish biased.
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